The initiative, developed with global digital clearinghouse Meridian, aims to modernize how money moves into the Philippines by reducing the cost and settlement time of international transfers while maintaining regulatory safeguards.
The pilot is expected to expand to more BPI clients ahead of the ASEAN 49 Summit in November.
Growing demand
Stablecoins are digital tokens designed to maintain a stable value, typically by being pegged to a fiat currency such as the US dollar.
They have gained traction among fintech firms and remittance providers as a faster and more cost-efficient way to settle cross-border transactions.
BPI said the technology could benefit millions of Filipinos who receive income from overseas, including overseas Filipino workers, freelancers, virtual assistants and exporters, by allowing dollar earnings to reach recipients more quickly and at lower cost.
"Filipinos move billions of pesos every year, and it is our responsibility to make sure that their money arrives faster, cheaper, and just as securely as it does today. Exploring stablecoin rails is a natural extension of BPI's digitalization strategy and customer focus," said BPI president and CEO TG Limcaoco in a statement.
Regulatory focus
The bank said it is pursuing the initiative in close coordination with the Bangko Sentral ng Pilipinas (BSP) and will ensure that consumer protection, reserve transparency and regulatory compliance remain central to any pilot activities before a broader rollout.
Meridian president and CEO Will Haering said the partnership demonstrates how emerging digital asset technologies can be integrated into the banking system without compromising safety.
"BPI is showing what leadership looks like: taking a technology the world is adopting and making it work inside the banking system, safely, for the benefit of every client. We are proud to power it together," Haering said.
The initiative builds on the growing use of digital assets in global payments as financial institutions seek faster, more efficient and lower-cost settlement systems while operating within existing regulatory frameworks. —Ed: Corrie S. Narisma
